Turkish banks are having to refill ATM machines three times a day with 100 and 200 lira banknotes, local business daily Ekonomi reported on November 18.
At the Grand Bazaar in Istanbul, heavy-duty trolleys and makeshift suitcases line the alleys outside foreign-exchange shops, readied for the transport of increasing volumes of banknotes required to trade, Bloomberg reported on November 19.
In October, Omer Mert, general manager of small-cap Fibabanka, told BloombergHT during a televised interview that ATM machines often broke down due to the sheer volume of work they must endure in counting out money.
As of September, 80.4% of the banknotes in circulation were 200-lira, the largest available banknote, due to the hyperinflation seen in Turkey across recent years.
Turkish President Recep Tayyip Erdogan, seen as proud of a move he made in the early years of his two-decade rule to remove zeroes from lira values, is said by critics to not want to consider requests for larger banknotes to be introduced in Turkey to address the hyperinflationary effects causing headaches including bust ATMs.
Related Articles
Kurdish official estimates Iraqi oil losses at $28bn
The 18-month suspension of oil exports from Iraqi Kurdistan has cost the state more than $28bn in lost revenue, a senior Kurdish official has said, as the fiscal damage is compounded by security ... more
Turkey’s Şahinler invests $100mn in Egypt’s garments and tourism sectors
Turkish group Şahinler Holding is expanding its operations in Egypt with new investments exceeding $100mn across the ready-made garments and tourism sectors, Al Sharq Business reported on August 27, ... more
Turkish government plans special "People's Aisle" sections in markets for cheaper products
A new government-backed initiative called “Cumhur Reyonu” (“People’s Aisle”) will be rolled out across Turkey’s major supermarket chains, which collectively operate over 55,000 branches ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
21 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago